Financial scams such as Ponzi schemes, pyramid schemes, and the likes have been part of human civilization ever since the invention of money. However, these scams have become more prevalent since the emergence of cryptocurrencies, due to their nature – fast and anonymous. These characteristics of cryptocurrencies make them a preferred tool for bad actors in the space. Nevertheless, the modus operandi of scammers remain the same whether using fiat currencies or cryptocurrencies. Their style is to offer ridiculous returns on investments. Furthermore, they use pressure tactics to make would-be victims think that they have very limited time to take up the offer. This is done so that the would-be victim does not have time to give much consideration to the offer. Today, we will look at 5 crypto scams you should look out for in Zambia and how you can identify them. 1. THE PONZI SCHEME This is a scheme where the promoters make it seem like the business is making money and actually paying out a...
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